(1) The board of directors shall fix a date on which an election is held in accordance with 13-1-504 for the purpose of authorizing the bonded indebtedness to be incurred.
(2) The board may order as many as two elections each year if:
(a) there are no bids within the amount of approved bonds;
(b) there is an emergency;
(c) a directive for a project is received from a government agency; or
(d) it is necessary to take advantage of the construction season.